Rocket Companies (NYSE:RKT) Shares Down 9.9%

Rocket Companies, Inc. (NYSE:RKT - Get Free Report)'s share price traded down 9.9% during trading on Wednesday . The company traded as low as $12.61 and last traded at $12.72. 962,878 shares changed hands during trading, a decline of 61% from the average session volume of 2,497,550 shares. The stock had previously closed at $14.11.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Citigroup lifted their price target on shares of Rocket Companies from $10.00 to $11.00 and gave the company a "sell" rating in a report on Wednesday, February 28th. Wedbush restated a "neutral" rating and issued a $13.00 target price on shares of Rocket Companies in a research note on Friday, February 23rd. JPMorgan Chase & Co. reaffirmed an "underweight" rating and issued a $10.50 price target (up from $8.50) on shares of Rocket Companies in a research note on Thursday, January 4th. Wells Fargo & Company lowered their price objective on Rocket Companies from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Friday, February 23rd. Finally, Bank of America upped their target price on shares of Rocket Companies from $7.00 to $8.00 and gave the stock an "underperform" rating in a research report on Monday, March 18th. Six equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, Rocket Companies has a consensus rating of "Hold" and an average target price of $10.02.

Rocket Companies Trading Down 12.8 %

The stock has a market cap of $24.42 billion, a PE ratio of -76.88, a PEG ratio of 11.61 and a beta of 2.42. The company has a quick ratio of 9.78, a current ratio of 9.78 and a debt-to-equity ratio of 0.92. The stock's fifty day moving average price is $12.54 and its 200 day moving average price is $11.08.

Rocket Companies (NYSE:RKT - Get Free Report) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $885.00 million during the quarter, compared to the consensus estimate of $762.44 million. Rocket Companies had a negative net margin of 0.41% and a negative return on equity of 3.63%. The business's revenue was up 29.6% compared to the same quarter last year. During the same period last year, the company posted ($0.12) earnings per share. On average, sell-side analysts forecast that Rocket Companies, Inc. will post 0.24 EPS for the current year.

Institutional Trading of Rocket Companies

A number of institutional investors have recently made changes to their positions in RKT. JPMorgan Chase & Co. boosted its stake in shares of Rocket Companies by 8.3% in the 1st quarter. JPMorgan Chase & Co. now owns 92,184 shares of the company's stock worth $1,025,000 after buying an additional 7,048 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Rocket Companies by 32.1% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 16,693 shares of the company's stock valued at $186,000 after acquiring an additional 4,056 shares during the period. Bank of New York Mellon Corp raised its stake in Rocket Companies by 9.2% during the 1st quarter. Bank of New York Mellon Corp now owns 737,843 shares of the company's stock worth $8,205,000 after acquiring an additional 61,950 shares during the period. US Bancorp DE lifted its holdings in Rocket Companies by 341.4% during the first quarter. US Bancorp DE now owns 4,414 shares of the company's stock valued at $49,000 after purchasing an additional 3,414 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Rocket Companies in the first quarter worth approximately $52,000. Hedge funds and other institutional investors own 4.59% of the company's stock.

Rocket Companies Company Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.